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Copper price rises to a record high

Non-ferrous metallurgy / Business and Finance
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Copper price rises to a record high

Copper prices climbed to an all-time high on Friday and are ending in positive territory for the fifth week in a row.

July copper futures on the Comex as of 18:50 Moscow time are trading at $ 4.7465 per pound, which is 3.1% higher than their value at the close of the previous session. Earlier in the course of trading on Friday, the price of the metal rose to $ 4.7485 per pound.

The previous record price - $ 4.63 per pound - was set in 2011, writes Dow Jones.

This week copper has risen in price by 5.5%, since the beginning of 2021 - by 34.6%, over the past 12 months - by 93%.

Copper prices are boosted by expectations of increased demand for metal, widely used in industry and construction, amid the global economic recovery following the coronavirus pandemic.

In addition, support for copper prices was provided by the plans for the active development of "green " energy, recently announced by US President Joe Biden, writes MarketWatch. Copper is also an essential component for the production of electric vehicles and related infrastructure.

Copper futures for three months' delivery on the London Metal Exchange (LME) rose 2.1% on Friday to $ 10,324 a tonne, also above the previous record of $ 10,124 a tonne set in February 2011.

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